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Moneygram Money Transfer Review

Quick FactsPros and Cons
moneygram logo

Established: 1940 .


International Clients: ✓ Accepeted


Currencies Offered:58.


Minimum Transfer: None


Trading via: Online or in branches worldwide (Bank to Cash / Cash to Cash)


Offices In: Headquarters in US, with agent offices all around the world


Regulation: ✓ Regulated by various American law Agencies, including the SEC


Fees: As high as 10% of the total


Promotional Code: None


Client Reviews: Several hundreds, mostly on Consumer Affairs


Client Rating: 1 / 5


Website: www.moneygram.com


 Our Rating: 34%

“Archaic”

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Pros

Very Internatinoal

Cash pickup

Trusted Company

Cons

Horrible Client Reviews

Horrible Rates – Worst in the Industry

No bank-to-bank transfers


Our Rating: 34%

Moneygram is simply archaic and cannot match the pricing or the level of service of new and exciting startup companies like Transferwise, Currencyfair, or Azimo. Clients are e generally unhappy with it, and there has been open criticism about the company’s “exploitation of immigrants”, as from some destinations a transfer may cost as much as 10% of the amount transferred.

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Company Information and Credibility


Company size:  

Moneygram should not be mistaken for a modern currency transfer company. The US-based business was founded in 1940 as a deliverer of money orders. As its brand name expanded in the 80’s and 90’s, the internet was not yet a reliable way of sending funds around the world.

Therefore, companies like Moneygram (and their much-maligned competitor Western Union) had to physically exist wherever their customers were. That meant that literally hundreds of thousands of agent offices (347,000 at present) had to be opened in order for Moneygram to be everywhere their customers lived. This ubiquity has allowed the company to weather legal storms. Throughout the 90’s and 2000’s, there were several instances where Moneygram or its executives were implicated and fined for various charges such as money laundering.

Moneygram has a substantial role in money transfer history.

Today, modern currency transfer companies accomplish currency transfers using websites and mobile apps, without the many additional difficulties that Moneygram adds to the process. And while Moneygram has adopted some of this technology, their business practices, fee structures, and customer service standards are still (seemingly) senselessly draconian.

In plain English, Moneygram customers can expect to pay a lot of money for terrible service. It’s time to take advantage of newer, better ways to send your money around the world.


Regulated By: 

SEC (USA) and several other regulators across the globe.


Conclusion: 

One of the industry’s veteran’s with massive volume of clients and agents, but has terrible reputation among clients.

Credibility Rating

Client Feedback


Research:

Moneygram customer feedback is remarkably poor. Positive reviews are truly the exception here. A quick look through any review aggregator’s Moneygram page will show you hundreds of angry testimonials, using ALL CAPS and lots of exclamation points to emphasize user fury.  Consumer Affairs: 1.0/5.0 stars (162 reviews). TrustPilot: 4.2/10.0 (11 reviews)..


Positive: We found literally 5 positive reviews that said

  • Good service
  • Inexpensive
  • Easy to transact
Negative:
We found hundreds of complaints focusing on the following areas

  • Horrible Service
  • Incredible Fees
  • Hidden Fees
  • Transfers not Reaching Destination
  • Sudden Account Freeze

Conclusion:

Clients are unhappy with Moneygram, and that’s an understatement. One of the worst client reviews we’ve ever laid eyes on. Similar to Western Union – People are just fed up with these type of services.

Obviously some of the angry clients there are mad at things that are beyond Moneygram’s control (as it is known criminals are using the system for money transfer scams on unsuspecting people).

User Rating

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Exchange Rate & Fees


Research: 

We can say Moneygram shows good ethics by presenting a cost calculator and, unlike the majority of companies that make tailored quotes. It means you can assume how much it will cost you without going through the hassles of signing up.

Fees & Exchange rates:

We have tested some of the most common currency exchanges on our website. Pound to Dollar, Euro, and AED. When transferring 1,000 Pounds the fees are absolutely incredible. Anything between 5 and 10 percent of the total sum will be paid as fees.

If you check for remittances countries like Romania, the World Bank claims Moneygram is as x6 time more expensive than Transferwise and x4 times more expensive than Azimo (Which provides the same bank to cash and cash to cash services).

Limits:

Users may send up to $2,500 daily, using Moneygram’s online service. $9,999 is the limit for agent office transfers. $899 is the daily limit for Moneygram mobile app transfers.


Conclusion:

Moneygram is extremely expensive to use. For some countries it will charge as much as 20% of the transfer according to the world bank, and that is outrageous!

We can honestly say that Moneygram is as expensive as it gets.

Exchange Rates & Fees Rating

Global Reach & Service


Research:

  • Dedicated Dealer: NO.
  • Offices: Thousand around the world.
  • Ways to approach: Email, Telephone
  • Translations: Yes – Multiple.
  • Accepts clients: Worldwide.
  • Currencies Handled: 58
  • Client reviews: Nightmare service

Conclusion:

Moneygram is everywhere, and this is why they’re still in business. With 300k+ agent offices all around the world, they are often people’s only available option for sending money. Even if the sender in Country A has a multitude of currency transfer services to choose from, the receiver in Country B may only be served by the likes of Western Union and Moneygram, thus making them the only choices for the transfer. By having this kind of geographical/infrastructure monopoly, Moneygram is able to charge the fees it does.

If that weren’t enough, Moneygram’s service is notoriously bad. Customer representatives are frequently untrained, rude, unhelpful, oblivious, and incompetent. Those specific adjectives all appear in standard Moneygram reviews, linked above.

So in the global availability department, no one performs better than Moneygram. In the service provided once you become a customer, no one performs worse.

Global Reach Score

Additional Functionalities


Hedging: Moneygram offers standard hedging options like spot contracts, limit orders, forward contracts, and regular payments. But at such high prices and with such poor service, these will scarcely help even the intrepid customers who attempt to take advantage of them.


App:

Moneygram performs no better with their free mobile app for iPhone and Android devices. Simply an awkward rescaling of their website, mobile users should expect nothing more than the standard Moneygram catastrophe.


Conclusion:

Standard offering or worse.

Special Features Score

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25 comments

  1. Hipp

    MoneyGram is a joke. I am a merchant and, for unknown reason, they asked me to remove their logo from my website and stop using their services, even that I gave them business over the years by receiving amounts of USD from my customers. Why would they cut a tree branch on which they are sitting? Naturally, since then I boycott MG.

    Posted on August 11, 2015
    • compare

      Hipp, thank you, we truly appreciate the feedback. As a merchant, perhaps you used any of the other international payment companies that you had better experiences with? We would be very happy to get a detailed analysis from you and publish it on our website. We would be glad to put your company’s information in there, and by that, help you generate business from the thousands of visitors we have on a monthly basis.

      Posted on August 11, 2015
  2. Mary Nduku Thuo

    Good Evening,

    You need to re-emburse me my money that has not been picked up by the receiver as intended in form of a cheque. I need to send you a copy of my British Passport for identification in order to obtain my refund. Therefore, advice me on on the safest way to do this. I sent this money in 2013 but I can not remember the name of my recepient because I sent money to many members of my family depending on need. But am sure you have got the details as expected. The Reference Number for this transaction is 27383164.

    Posted on January 3, 2016
    • compare

      Hello Mary, sorry but you got it all wrong. This is a Moneygram review by an informational site and not Moneygram itself. We’re sorry to hear you’ve been experiencing problems with the firm, and this is exactly the reason as for why we don’t recommend using it. Please be sure to check our recommended companies and find a perfect fit for your needs.

      Posted on January 4, 2016
      • Paulius Arvasas

        Moneygram is horrible. Tried to send 1000$ to my girlfriend in the uk and received a phone call from Swaziland. The guy left me a voice message, very unprofessional language and how am I supposed to trust your company, when transactions from US to UK allegedly go through Swaziland. Losing 1000$ is a big deal for me

        Posted on July 30, 2017
  3. Marianne

    Hello,
    I have 2 questions. A) last week I wanted to send 2500$ to my country in South America. This was a Monday. The next day I wanted to send to a different person the same amount. The lady at the agency (the same one who took care of me in Monday ) knowing of my transaction before asked me for my social security number. And I knew they only ask you for this document of the transfer was more that 3000$. Why she asked for my SS if this were 2 completely different transaction for 2 different persons . Same country . It doesn’t make sense to me. Should I go to another agency?
    B) cvs only allows to send up to 1000$ can I send 2 times to the same person in the same day? Since I have to send 2000$???
    Thank you

    Posted on February 9, 2016
    • compare

      Hello Marianne, I’m afraid I can’t help you here. It’s extremely specific and depends on the local regulations.
      You can contact Moneygram on the free call number 1-800-666-3947 and ask for more information.

      Feel free to review other companies that are more recommended by us like Currencies Direct which have a South African office and no sending limitations. They only handle bank to bank transfers though.

      Posted on February 9, 2016
  4. caroline thompson

    I would like to know the problem that is happening in Trinidad with moneygram does it affect customers sending money from triidad to England in tt dollard. I would like to know

    Posted on March 14, 2016
    • compare

      Hello Caroline, but we haven’t heard about anything relating to British Pounds and TT Dollars, but it could be related to the deficiency these firms had in US Dollars earlier this month (reference: http://www.newsday.co.tt/news/0,224783.html). How about trying a company like Azimo, they also deal with sending money to T&T?

      Posted on March 14, 2016
  5. Bev

    I would just like to no how many numbers r in the reference number given when u send money via moneygram as after reading the negative comments i want to make sure i get everything properly done before sending my money tomorow..
    Thankyou

    Posted on May 13, 2016
    • compare

      Thank you for your comment. I am not sure we can help you there, we aren’t sure of the correct format ourselves.

      Posted on May 14, 2016
  6. Stephen Ryan

    NIGHTMARE AND GAMES…
    ONE of their kiosks ate 2 one hundred dollar bills…My rent money for Mexico.

    I borrowed money and sent it at a check cashing store. Wasted a whole day
    1) because no one wants to fix the machine
    2)rude rude rude from support to supervisorsee
    3) they found the money the NEXT day
    4) instead of apologizing I GET THIS RUSSIAN BROAD CUTTING ME OFF FROM USING MONEYGRAM!!!!
    I had nearly 200 dollars in credits from my 8 years of use.

    RUDE RUDE RUDE …

    PATCH their exchange rates!!

    Posted on August 28, 2016
    • compare

      Thanks for sharing. Which compaany did you switch to, Stephen?

      Posted on August 28, 2016
  7. R J Brewster

    I have wasted a complete morning and half the afternoon trying to send £500 to my nephew in Spain. Four attempts later, the transaction has been declined again. The very first time I was told it was my bank was refusing payment. Not so. After going round in circles on the phone I was told to do another. I did. Refused again. And again later. I then spoke to their staff and was told it was a security question that needed answering, which I did and was told the payment had been cleared and received an email saying so. I then get another email saying it had been cancelled. On speaking to their staff I was told there was nothing she could do, but for me to make another application. No way. I am not wasting any more time dealing with a useless company such as these. I will never use their service again.

    Posted on December 20, 2016
    • Compare - MTC Admin

      Hi RJ. Moneygram is a horrible choice for a transfer from UK to France. Literally any other company reviewed on our website would do it quicker and cheaper! I guess you were sending him his Xmas present – could have taken you about 10 minutes to sign up with Currencies Direct or Transferwise and send the funds through their platform.

      Posted on December 20, 2016
  8. roz

    Does money gram work with the bank rate of the country their in, when dealing with money gram transfer or are the agents allow to charge Black market fee per dollars as is happening in Trinidad and Tobago, where the bank rate is still $6 plus per 1us dollar while they charge $8 plus when exchanging TT for US on a money gram transfer to the US , what gives??????

    Posted on January 27, 2017
    • Compare - MTC Admin

      It is really difficult to understand what the final price is composed of when using agents.

      Posted on January 28, 2017
  9. Elaine

    MONEYGRAM Is a joke of a company, they are not customer friendly and very disappointed with the so called service. I sent my husband a transfer but forgot to add his middle name to it, he couldn’t pick up the money so asked if I can amend the transaction they said no so I asked for a refund they said it will take between 3-10days for my account to be credited, now I asked this is in emergency they said they can not help! What is the use of having an account for so long if the company can’t help you when your in need (and this is my own money)
    SHAME TO MONEY GRAM!!!

    If you are reading this don’t take the chance with money gram !!!!

    Posted on February 10, 2017
    • Compare - MTC Admin

      Thank you Elaine. We do agree that Moneygram has a lot of downsides but we have to be honest and say that missing out on a detail like that will make the transaction void with any company. The refund turnaround does sound long.

      Posted on February 14, 2017
  10. Jules

    I have never used this service prior to today. I called, asked how long it would take for the recipient to get the money. I was told ten minutes. It cost me almost $100 to send the money. I called the recipient to say it had been sent. It was crucial to get the money there right away. I explained to the person I dealt with on my end, who I was sending it to and why. Gave ID, names addresses, etc. 45 minutes later it was still not available to this person. I called the office, which by the way is of course, in the Philippines. Unfortunately, I have to deal with any company who’s call centre is in the Philippines and been pleased with the service. I again had to answer the series of questions then was told the money was available to the recipient. WRONG. They lied (big surprise there). I called again, and had to go thru the same song and dance. I have zero tolerance for incompetence, lies or stupidity. I made the person stay on the phone until I got confirmation from the recipient that the money had finally been received (in hand)… 2 HOURS later. Both of us had better things to do. So, when I finally had more time, I called to complain. I told the person that answered the phone I wanted to speak to a manager that understood and spoke fluent English. I was tsf’d to a person claiming to be a supervisor. This person had all kinds of background noises going on (people talking, etc). I asked if he had an office…”yes we have a corporate office” Huh? What part of “Office” did you hear “corporate” from? I knew it wasn’t going to go well. It didn’t, I was done very quickly with that stupidity (English…. I pressed 1 for English…. so put me thru to someone that speaks/understand fluent English, WTH). I hung up called back told the agent I wanted to be put thru to someone in the US or Canada. She tsf’d me, the person answered and hung up. I called back. Repeated what I wanted. Was told “I can help you”… Did you miss what I said? If you want to help me, then listen to my request. Simple right? Not for them. Finally I got this person to tsf me…. but where did she transfer me? Nicaragua! What? This person did nothing but run her mouth off, lie and and make her self sound incredibly stupid. Not to mention she was utterly incapable of answering answering a question. Had I had a wee bit more time to research this option, I would NEVER have used them. I will never use them again.

    Posted on March 1, 2017
    • Compare - MTC Admin

      Sorry to hear about your experience, Jules. Does not sound enjoyable at all.

      Posted on March 1, 2017
  11. Ruth Urieta

    My sister sent money 2 weeks ago to Panama, several times the receiver went to pick up the money, and their answer is than they are out of money. I don’t understand whats going on, they dont even give you an excuse. How they can run out of money.. Very inefficient companies, they shouldn’t be open, is ridiculous.

    Posted on May 11, 2017
  12. Eve

    I have used Moneygram services for the first time recently and have experienced a fraud. I’ve lost hundreds of pounds and after trying to report a fraud for 2 weeks I finally got a call from them where they basically just said you will not get a refund and go talk to police if you want because it’s not our problem.

    After reading more into the company it’s clear that this company doesn’t have the right security processes in place and they really don’t care about individual customers losing their money, as they get their own fee and leave you in this horrible situation to stand alone.

    I will never use this service again!

    Posted on June 19, 2017
    • Compare - MTC Admin

      In all honesty I must say that they are targeted for fraud because of their wide popularity rather than their poor security IMHO. There aren’t many providers who are able to supply as wide infrastructure as them. They are also not legally liable to assist. Although I think they are archaic, and VERY expensive on some routes for no good reason, I do not personally believe they have poor security measures in place. They are as bit regulated as their competition.

      Posted on June 19, 2017
  13. Gene

    I Went to money gram to wire x amount of money due to funeral overseas, the clerk processed transaction and said that funds will be available in 10 minutes, because of the time difference, a relative overseas went to the bank to receive the transfer next morning and was told by the money gram overseas that there was NO transfer. You need to realize that i had no idea that the money were Not transferred. The only way i found out because i called my relative overseas to find out if everything was going good with the funeral etc., – Only than i found out that they did not receive the money. I called money gram right away, and after going through all their BS – to press One for this…Press Two for this…after probably half our i got someone on the phone…who started asking me all kinda of questions for another 15 – 20 minutes….after all that “verification”…the operator said that the money were Not transferred. I asked why and why Nobody in their company called me right away when they received the transfer and told me that they will not be transferring money??? – The operator told me that she will have to transfer me to another department…i asked her to please…make sure to tell all what you ve asked me already to another department so they won’t be asking me same questions. She said – sure, no problem !
    When i finally got transferred to another department, the other operator or however you call this people – started asking all the same questions again…except…started asking me really wired questions like: What is the nearest road to where you live, who is the person are you transferring the money to, how old that person, what is the relationship, why are you sending this money for???!! Who died overseas?…so…that was THE END OF MY Patient…after that i just refused to answer any other questions…They put me on hold…after 3 minutes…came back and said that they suspect that this is a scam…therefore…they will not be transferring the money. So, Horrible experience, Awful customer service, Heartless employees and Worst Company to go to if you need to transfer money !!!

    Posted on November 30, 2017

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